Category: Probate Tax

By Steven FryecloseAuthor: Steven FryeName: Steven FryeEmail: steven.frye@bakertilly.caSite:https://www.bakertilly.ca/en/wm-toronto-ontario/About: Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.See Authors Posts (119) •
July 3, 2018
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Ownership of assets into ‘joint tenancy with right of survivorship” is a mechanism of ownership transfer commonly used for estate planning to address such issues as probate fee and tax avoidance. Recently, this blog site very capably addressed the issues surrounding “joint tenancy” of life insurance in particular (“Life Insurance…

By Steven FryecloseAuthor: Steven FryeName: Steven FryeEmail: steven.frye@bakertilly.caSite:https://www.bakertilly.ca/en/wm-toronto-ontario/About: Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.See Authors Posts (119) •
May 8, 2018
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We often write about the benefits (and some pitfalls) of gifting, before and after death. Personally, when I recommend gifting, I assume that unless there are specific outcomes required to realize on the gift, a gift is exactly that, a gift – something transferred voluntarily without expectation of getting it…

By Derek de GannescloseAuthor: Derek de GannesName: Derek de GannesEmail: derek.degannes@rsmcanada.comSite:https://www.rsmcanada.com/About: Derek A. de Gannes: Director, Domestic & International Tax of RSM Canada. RSM Canada is committed to the highest level of integrity, quality and professionalism and provides clients with solutions in the area of Audit, Tax and Transaction Services. Email: derek.degannes@rsmcanada.comSee Authors Posts (104) •
October 31, 2017
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Earlier this year, my father-in- law left us suddenly. While my in-laws were careful about planning for this day there was still some Estate Administration Tax (EAT) to be paid on the transfer of assets between spouses. Armed with that experience, my mother-in-law is determined pay the least amount of…

By Steven FryecloseAuthor: Steven FryeName: Steven FryeEmail: steven.frye@bakertilly.caSite:https://www.bakertilly.ca/en/wm-toronto-ontario/About: Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.See Authors Posts (119) •
August 29, 2017
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Recently, I wrote about the gifting of cash or assets during one’s lifetime as an alternative method of distributing your wealth (beyond what you need to live on comfortably) and possibly avoid taxes (probate, income etc.) at time of death. I suggested that your heirs could use the funds in…

By Steven FryecloseAuthor: Steven FryeName: Steven FryeEmail: steven.frye@bakertilly.caSite:https://www.bakertilly.ca/en/wm-toronto-ontario/About: Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.See Authors Posts (119) •
July 4, 2017
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A recent article in the press reminded me of a trend in estate planning which appears to be taking more favor in recent times. It is not very complicated, can lead to considerable tax savings and other benefits while you are with the living. I am referring to the gifting…

By Steven FryecloseAuthor: Steven FryeName: Steven FryeEmail: steven.frye@bakertilly.caSite:https://www.bakertilly.ca/en/wm-toronto-ontario/About: Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.See Authors Posts (119) •
June 6, 2017
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When developing estate plans for clients with property of a capital nature (real estate, marketable securities being a couple of examples), one of the questions I get asked more often than not is: How can I avoid probate? Can I just put someone else’s name on a document so it…

By Paul FensomcloseAuthor: Paul FensomName: Paul FensomEmail: paul.fensom@scotiawealth.comSite:https://www.scotiawealthmanagement.com/About: Scotiatrust offers a full range of estate, trust and philanthropic advisory services designed to meet a client’s personal objectives and designed to evolve across a variety of life stages and financial events.
Email: paul.fensom@scotiawealth.comSee Authors Posts (72) •
May 25, 2017
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This Blog was written by: Natalie Rouse Most of us are familiar with the 1998 decision of Granovsky Estate v Ontario. The case has been the leading authority to permit planning with multiple Wills in Ontario. The use of multiple Wills is now an integral part of the estate planning…

By Steven FryecloseAuthor: Steven FryeName: Steven FryeEmail: steven.frye@bakertilly.caSite:https://www.bakertilly.ca/en/wm-toronto-ontario/About: Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.See Authors Posts (119) •
May 9, 2017
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A death benefit is an amount received after a person’s death for their employment service. In general, any amount up to $10,000 received is not subject to tax, pursuant to regulations contained in the Income Act (“ITA”). What if the deceased was the sole shareholder of a corporation and received…

Over the course of my practice I’ve had clients, family and friends all make pronouncements with respect to matters related to Wills and estate planning as if the statements are fact, when in reality they are often myth. Being someone whose profession operates on fact, I will try to set the record straight. From time to time though, the prosthelizer is so certain in his or her “cocktail party advice”, that attempting to set the record straight is challenging. In today’s blog I’d like to debunk some of the myths.

By Steven FryecloseAuthor: Steven FryeName: Steven FryeEmail: steven.frye@bakertilly.caSite:https://www.bakertilly.ca/en/wm-toronto-ontario/About: Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.See Authors Posts (119) •
November 16, 2015

At a recent conference of the Society of Trust and Estate Practitioners, the Canada Revenue Agency (“CRA”) was asked to respond to certain questions regarding Graduated Rate Estates (GRE’s), in particular around the actual definition of a GRE and its application to a situation where the deceased has more than…